No. 1571 approving a modification to the lease for Palais Royale/Morris Civic Center Project and approving the execution of an addendum to the lease

Home Browse Search

Trust Agreement as a result of funds on deposit in the Excess Funds Account of the Operation and Reserve Fund which, when added to the funds on deposit in the Reserve Fund, are in excess of the Three Payment Amount, shall be due on the day that the Additional/Combined Project is completed and ready for use, or January 28, 2000, whichever is later. If completion is later than January 28, 2000, the first installment shall be in an amount which provides for rental at the rate specified in Exhibit D(21 (or such lesser amount as a result of the Lessee receiving a credit as expressly permitted pursuant to the applicable section of the Additional Trust Agreement as a result of funds remaining on deposit in the Excess Funds Account of the Operation and Reserve Fund which, when added to the funds on deposit in the Reserve Fund, are in excess of the Three Payment Amount), for the semi - annual period in which the Additional/Combined Project is completed is ready for use, prorated from the date of completion until the first January 28 or July 28 following such date of completion. Thereafter, such rentals shall be payable in advance in semi - annual installments on January 28 and July 28 of each year as provided for in the lease payment schedule attached hereto as Exhibit D(21(or such lesser amount as a result of the Lessee receiving a credit as expressly permitted pursuant to the applicable section of the Additional Trust Agreement as a result of funds on deposit in the Excess Funds Account of the Operation and Reserve Fund which are, when added to the funds on deposit in the Reserve Fund, in excess of the Three Payment Amount). The last semi - annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the amount specified above for the applicable semi - annual period prorated from the date such installment is due to the date of the expiration of this Lease (without taking into account any subsequent earlier termination of this Lease pursuant to Section 2 hereof). For purposes of this Lease, rental payments shall be allocable among the Original Project, the Additional Project, and the Combined Project as follows: (i) thirty percent (30 %) of the amount required to be paid under Section 4(a) hereof shall be allocable to the Original Project, as reflected on Exhibit D(1); (ii) eighty percent (80 %) of the amount required to be paid under Section 4(b) hereof shall be allocable to the Additional Project, as reflected on Exhibit D(21; and (iii) the remaining amounts required to be paid under Sections 4(a) and 4(b) shall be allocable to the Combined Project as reflected in Exhibits D(1) and D(21. After the sale of the Additional Bonds issued by the Authority to pay the cost of the Additional /Combined Project and the other expenses incidental thereto, the first semiannual rental installment and the sum of the second and third semiannual rental installments and the sum of the fourth and fifth semiannual rental installments, and so on, shall be reduced to an amount equal to the multiple of One Thousand Dollars ($1,000) next highest to the highest sum of principal and interest due in any -2- ODMATCDOMSBDOCS 1\556 1 \2